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Highlights from the FASB’s July 24 meeting

  • FASB meeting Image

Jul 28, 2015

At its July 24, 2015, meeting, the FASB discussed its projects on (1) long-duration insurance contracts, (2) financial performance reporting, and (3) disclosures by entities about government assistance.

  • Insurance: targeted improvements to the accounting for long-duration contracts — The FASB tentatively decided that insurance entities should use a retrospective approach with an unlocked net premium ratio when calculating and recording the effect of updating assumptions for traditional long-duration contracts and limited-payment contracts. See De­loitte's related journal entry and the meeting minutes on the FASB's Web site for more in­for­ma­tion.
  • Financial performance reporting — The FASB staff updated the Board on its research related to different ways an entity could use remeasurement concepts when determining earnings components to provide additional disaggregation of the performance statement. No tentative decisions were made; however, the Board has asked the staff to research other methods for distinguishing between different earnings components. See the meeting minutes on the FASB's Web site for more information.
  • Disclosures by business entities about government assistance — The FASB made tentative decisions about scope, disclosure requirements, materiality and level of aggregation, confidentiality, interim disclosures, private-company considerations, and transition. The Board directed the staff to prepare a proposed Accounting Standards Update for a vote by written ballot. See De­loitte's related journal entry and the meeting minutes on the FASB's Web site for more in­for­ma­tion.

 

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